Rosneft’s supplies collapsed as a result of sanctions

Sea shipments of crude oil from russian federation decreased significantly in the first week of the G7 sanctions.

Russian oil exports fell by 54% — from 3.46 million barrels per day (b/d) to 1.6 million b/d, according to Bloomberg.

In the Far Eastern port of Kozmino, only two out of eight tankers were loaded during the week. At least two large shipowners withdrew tankers from the route, as russian federation wanted to sell oil at a higher price than $60/barrel. Transportation of sanctioned oil may deprive the vessel of international insurance.

Also, the alleged technical works in Primorsk on the Baltic Sea influenced the decrease in exports. Shipments at the port have been reduced to three tankers a week, while the normal weekly figure is eight tankers.

On average, russia’s total sea exports fell by 266,000 barrels per day over four weeks.

Previously, USM wrote that russian federation is rapudly losing the oil market .